Asos, the British online fashion label, has something to make its bosses and executives cheerful.
The online retailer has fundraised £247 million – excluding retail investors – in a placing in April 2020 at £15.60 per share.
Reportedly, the company directors as well as senior managers have taken 42,537 shares that are worth £663,577.
The shares have, ever since, jumped to £50.66, taking up the value to £2.15 million.
Talking about bosses getting big money, here it is imperative to state that Chairman Adam Crozier along with Nick Beighton, Chief Executive Officer, will be sitting together on an integrated paper profit of £1.5 million.
Also Asos directors, who purchased shares, saw their stakes shooting up. However, retail shareholders’ pre-emption rights were overruled.
Meanwhile, Asos has yet again pledged that it will be initially focusing on the UK suppliers especially after Leicester had become the centre of attention for all the wrong reasons lately.
Asos had last month also urged all partner brands in the UK to come forward and sign the Transparency Pledge.
Asos, which sells more than 850 labels in addition to its own range of apparels and accessories to 196 countries, generated revenue of £2.573 billion in 2019.